Courtesy Pay

What is Courtesy Pay?

Courtesy Pay is a discretionary service provided to eligible accounts. It is designed to help guard members against having items returned or declined due to an accidental overdraft. Courtesy Pay may provide certain accountholders in good standing with the ability to overdraw their checking account up to $1,000. The Courtesy Pay dollar amount limit includes any overdraft fees assessed. If your checking account has been open at least 60 days and maintained in good standing, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including Courtesy Pay overdraft fee(s). Whether we pay or return an item, your account may be assessed a fee, either as a Courtesy Pay fee or a Non-Sufficient Funds fee, but you will not be charged both fees by us.

What is opt-in?

Opt-in is when you tell us you want to participate in a service we offer our members. In regards to Courtesy Pay, checking accounts are automatically opted-in for Standard Coverage for checks, ACH, and Online Bill Pay, but action is required by the member to opt-in to Courtesy Pay Extended Coverage for "everyday" debit card transactions and ATM withdrawals.

Sign-up for Courtesy Pay Extended Coverage

It's easy! If you want us to authorize and pay overdrafts on debit and ATM transactions, you must complete a Courtesy Pay Opt-In form. You can also opt-in by calling us at 303.657.7000, or completing a form at any Premier Members CU branch or mailing the form to Premier Members Credit Union, 5505 Arapahoe Ave, Boulder, CO 80303.

Why must I opt-in to Courtesy Pay?

If you wish to authorize the Credit Union to pay everyday debit and ATM transactions, you must tell us you want to opt-in. If you do not opt-in, the Credit Union may decline your transaction when you use your debit card for payment and/or ATM transactions if you do not have sufficient funds to cover the transaction.

Must I opt-in to all parts of Courtesy Pay?

No. You will continue to be automatically enrolled in Courtesy Pay Standard Coverage for checks and recurring payments you have set up. You only need to opt-in for Courtesy Pay Extended Coverage for everyday debit card and ATM transactions.

Can I opt-out of Courtesy Pay?

Yes. You can choose to opt-out of Courtesy Pay Standard/Extended Coverage at any time. If you opt-out of Courtesy Pay Standard/Extended Coverage, the Credit Union may refuse to pay any transactions where you don't have sufficient funds to cover that transaction. If your transaction is refused, you may still be subject to NSF (non-sufficient funds) fees from the Credit Union and/or returned check fees from merchants.

How much is the Courtesy Pay fee?

Our current charge per item is $32. The amount of this fee may change, but you will receive prior notice of any changes. In this case, payment is made on your transaction and a Courtesy Pay fee is applied.

How much is the NSF (non-sufficient funds) fee?

Our current charge per item is $32. The amount of this fee may change, but you will receive prior notice of any changes. You may also incur returned check charges from merchants.

How do I qualify for Courtesy Pay?

To ensure that you qualify for this service, you need to have:

  • A checking account that has been open for at least 60 days
  • No delinquent loans with the credit union (past due over 30 days)
  • Not caused the Credit Union a loss
  • Must be 18 years of age or older

Why would you not cover my transaction if I qualify for Courtesy Pay?

Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, you have not paid back previous overdrafts on a timely basis or you have too many overdrafts. The overdrawn amount must be brought back to a positive standing with in 30 calendar days of the original date the account was overdrawn, and must remain positive for one business day to continue to have Courtesy Pay Standard/Extended Coverage enabled on your account

What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in these ways:

1. Courtesy Pay Standard/Extended Coverage is enabled on all checking accounts in good standing.  Courtesy Pay Standard/Extended Coverage allows you to overdraw your account up to $1,000 and comes with a per transaction fee each time it is accessed.  You may opt out of Courtesy Pay Standard/Extended Coverage at any time by notifying us. 
2. We also offer overdraft protection plans, such as a link to a savings account or Line-of-Credit, which may be less expensive than Courtesy Pay Standard/Extended. For more information on these plans, please contact us at 303.657.7000.

Definitions:

Everyday debit card transactions:Transactions using your debit card that occur during your daily routine, such as grocery shopping, gasoline, or coffee. This does not include regular payments automatically deducted from your checking account, such as utility bills or a gym membership.

ATM transactions:Transactions made at an ATM using your debit card, such as a withdrawal.

Non-Sufficient Funds (NSF) fee:The fee you are charged when you don't have enough funds in your checking account to cover a check, recurring payment, or electronic bill payment, and the Credit Union decides to not cover or pay that transaction.

Need Help Managing Your Money?

PMCU encourages our members to manage their money and avoid Courtesy Pay charges. If you would like more information on how to better manage your money, click here.